Bitcoin continues to struggle around $4000 as the altcoins have also taken a laid back approach after a reasonably good start to the year. The total market capitalization of the cryptocurrency markets looking to break the $140 billion resistance.
— TEDDY ? (@teddycleps) March 20, 2019
The dominance of altcoins has also increased slightly by 2-3% since the beginning of the year. As the Bitcoin and the altcoin markets struggle to cross significant yearly resistance, there is a technical similarity observed in the charts of Bitcoin and a couple of altcoins.
Litecoin which has gained 5% since its ascend from $55 looking to break the $60 mark is looking at the formation of a cup and handle pattern graph on the 24-hour scale.
A resistance is formed near the 0.01488 BTC, if broken, will be looking at gains to the tune 20%. A break above the $60 mark on the LTC/USD chart would sentimentally reaffirm the bull signal for the traders which LTC has struggled to break past.
Bitcoin Cash (BCH) and Stellar Lumens (XLM)
These were the two best-performing coins ranked in the top ten cryptocurrencies by market capitalization. Bitcoin Cash (BCH) has gained more than 15% over the week. The graph of BCH/BTC shows similar characteristics with the total market cap graph where the yearly resistance is being tested.
For XLM, Coinbase.com added support for Stellar Lumens (XLM) on 18th March 2019, along with IBM’s partnership with six new banks to integrate into the Stellar enabled World Wire platform. The price of stellar gained almost 10% on the following day.
XRP Losing Steam Altogether?
Apart from Bitcoin, there is one cryptocurrency which has also maintained stability from the past two months. The volatility in XRP over the same period has been limited in the $0.319 to $0.30 range with isolated days with a high of $0.34 or a low of $0.29. The price action in XRP has been cold since the beginning of the year.
Furthermore, the daily chart of XRP suggests bearish momentum. The 200-Day Moving Average line is looking to cross the 50-Day Moving Average. The price has also formed long term support near 0.0007914 BTC, which if broken downwards could revive string bearish sentiments.
Bitcoin’s Stable Dominance
Finally, Bitcoin recently broke the $4000 mark. Furthermore, Bitcoin has been looking to break past the $4100 resistance since a quarter.
Bitcoin continues to maintain a stable price of around $4000 from the past week. Moreover, it was trading near 3900 dollars during the week before that. Therefore, the price action on Bitcoin is still subsided; the traders seemed to have adopted a neutral attitude.
There are a couple of bullish indicators, both: fundamental and technical as the 50-Day Moving Average seems to cross the 100-Day Moving Average. However, the RSI signal is towards the over-bought region.
Some of the other coins which made the news are Enjin (ENJ) coin, Tezos (XTZ) and Zcash (ZEC). While Enjin continues to rise since its association with South Korean Conglomerate Samsung, XTZ is nearing 50% over the week. XTZ is trading at $0.655, 10% higher on the daily index at 16 hours UTC on 21st March 2019.
Bitmain released a new Antminer Z11 to mine Zcash which has three times the capacity of the current hardware. The miners were apparently sold out in minutes; the positive sentiments for the privacy-centric payment token increased considerably.
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?